If necessary for the purpose of financing such projects of the ordinary local public body as may take two or more fiscal years to complete, appropriation covering two or more fiscal years may be made in the budget, which shall stipulate the annual payment schedule as well as the total sum of such expenditure.
Such appropriation covering two or more fiscal years shall be referred to as continuing appropriation.
If any appropriation in the budget of annual expenditures, either by its nature or for such causes as may arise after the coming into force of the budget, be anticipated not to be used up within the fiscal year, authorization may be made in the budget for any unexpended balance of such appropriation to be carried over to the following fiscal year.
Such appropriation shall be referred to as biennial appropriation.
An obligation-incurring authority shall be conferred by the budget upon the ordinary local public body to enable it to obligate itself, except where it does so within the limits of the budget of annual expenditures, the total sum of continuing appropriation or the sum of biennial appropriation.
(Contents of the Budget)
The budget shall be divided into the following sections:
1. The budget of annual revenues and expenditures;
2. Continuing appropriations;
3. Biennial appropriations;
4. Authorized obligations;
5. Local public bonds;
6. Floating debt;
7. Transfers of money between sections in the budget of annual expenditures.
(Division of the Budget)
The budget of annual revenues shall be divided according to the nature of revenue into sections, which in turn shall be divided into subsections; the budget of annual expenditures shall be divided according to the purpose of expenditure into sections and subsections.